Structure of industry or market
Describe the structure of the industry or market e.g. monopoly, oligopoly, monopolistic competition.
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This product is unlike other products in the market (as it is using kinetic energy) but the market is dumped with other substitute products which can do the same work. Hence this is an example of monopolistic completion where there is imperfect competition. Here in the market the competitive producers are selling products that can be easily differentiated from one another still solve the same purpose. A single producer cannot have total control over the market. An firm producing heated insoles from Kinetic Energy can increase it prices without losing all its consumers. They can also lower prices without annoying its competitors. There are no barriers to entry to such markets. Winter outdoor games are famous in US, this product will e for itself in the hearts of sport lovers.
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